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Presentation for Non-Deal RoadshowPresentation for Non Deal RoadshowJanuary 2012
10
Disclaimer
THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND HAS BEEN PREPARED BY OAO "PHOSAGRO" (THE "COMPANY") SOLELY FOR YOUR INFORMATION. THIS PRESENTATION MAY NOT BE REPRODUCED, DISTRIBUTED OR PASSED ON DIRECTLY OR INDIRECTLY TO ANY OTHER PERSON OR PUBLISHED IN WHOLE OR IN PART BY ANY MEDIUM OR FOR ANY PURPOSE "PRESENTATION" MEANS THIS DOCUMENTDISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, BY ANY MEDIUM OR FOR ANY PURPOSE. "PRESENTATION" MEANS THIS DOCUMENT, ANY ORAL PRESENTATION AND ANY WRITTEN OR ORAL MATERIAL DISCUSSED OR DISTRIBUTED. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY ACCEPTING A COPY OF THIS PRESENTATION, YOU ACKNOWLEDGE AND AGREE TO BE BOUND BY THE FOLLOWING RESTRICTIONS AND TO MAINTAIN ABSOLUTE CONFIDENTIALITY REGARDING THE INFORMATION DISCLOSED IN THIS DOCUMENT.
THIS PRESENTATION DOES NOT CONSTITUTE A PROSPECTUS OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, OR ANY OFFER TO UNDERWRITE OR OTHERWISE ACQUIRE ANY SHARES IN THE COMPANY OR ANY OTHER SECURITIES, NOR SHALL THEY OR ANY PART OF THEM NOR THE FACT OF THEIR DISTRIBUTION OR COMMUNICATION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION IN RELATION THERETO, NOR DOES IT CONSTITUTE A RECOMMENDATION REGARDING THE SECURITIES OF THE COMPANYRECOMMENDATION REGARDING THE SECURITIES OF THE COMPANY.NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS GIVEN AS TO THE ACCURACY OF THE INFORMATION OR OPINIONS CONTAINED IN THIS PRESENTATION AND NO LIABILITY IS ACCEPTED FOR ANY SUCH INFORMATION OR OPINIONS BY THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, SHAREHOLDERS, OFFICERS, EMPLOYEES, AGENTS OR ADVISERS. THIS PRESENTATION CONTAINS INFORMATION ABOUT THE MARKETS IN WHICH THE COMPANY COMPETES, INCLUDING MARKET GROWTH, MARKET SIZE AND MARKET SEGMENT SIZES, MARKET SHARE INFORMATION AND INFORMATION ON THE COMPANY'S COMPETITIVE POSITION. THIS INFORMATION HAS NOT BEEN VERIFIED BY INDEPENDENT EXPERTS OR ASSEMBLED COLLECTIVELY AND IS SUBJECT TO CHANGE, AND THERE IS NO GUARANTEE THAT THE INFORMATION CONTAINED IN THIS PRESENTATION IS ACCURATE OR COMPLETE AND NOT MISLEADING NOR THAT THE COMPANY'S DEFINITION OF ITS MARKETS IS ACCURATE OR COMPLETE AND NOT MISLEADING. THE INFORMATION INCLUDED IN THIS PRESENTATION IS SUBJECT TO UPDATING, COMPLETION, REVISION AND AMENDMENT AND SUCH INFORMATION MAY CHANGE MATERIALLY. THIS PRESENTATION IS TO BE KEPT CONFIDENTIAL. SOME OF THE INFORMATION IS STILL IN DRAFT FORM AND HAS NOT BEEN VERIFIED.NO PERSON IS UNDER ANY OBLIGATION TO UPDATE OR KEEP CURRENT THE INFORMATION CONTAINED IN THE PRESENTATION AND ANY OPINIONS EXPRESSED IN RELATION THERETO ARE SUBJECT TO CHANGE WITHOUT NOTICE.THIS PRESENTATION DOES NOT CONSTITUTE A PUBLIC OFFER OR AN INVITATION TO MAKE OFFERS, SELL, PURCHASE, EXCHANGE OR TRANSFER ANY SECURITIES IN RUSSIA, OR TO OR FOR THE BENEFIT OF ANY RUSSIAN PERSON, OR ANY PERSON IN RUSSIA, AND DOES NOT CONSTITUTE AN ADVERTISEMENT OF ANY SECURITIES IN RUSSIA.THIS PRESENTATION IS NOT AN OFFER TO BUY, OR A SOLICITATION OF AN OFFER TO SELL, SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION. THE SECURITIES OF THE COMPANY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR PURSUANT TO AN EXEMPTION FROM (OR IN A TRANSACTION NOT SUBJECT TO) THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFER OF SECURITIES OF THE COMPANY IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. THIS PRESENTATION MUST NOT BE SENT, TRANSMITTED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR TO ANY SECURITIES ANALYST OR OTHER PERSON IN ANY OF THOSE JURISDICTIONS.THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY'S INTENTIONS, BELIEFS OR CURRENT EXPECTATIONS. FORWARD-LOOKING STATEMENTS INVOLVE ALL MATTERS THAT ARE NOT HISTORICAL FACT. FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF WORDS INCLUDING "MAY", "WILL", "WOULD", "SHOULD", "EXPECT", "INTEND", "ESTIMATE", "ANTICIPATE", "PROJECT", "BELIEVE", "SEEK", "PLAN", "PREDICT", "CONTINUE" AND SIMILAR EXPRESSIONS OR THEIR NEGATIVES. SUCH STATEMENTS ARE MADE ON THE BASIS OF ASSUMPTIONS AND EXPECTATIONS WHICH, ALTHOUGH THE COMPANY BELIEVES THEM TO BE REASONABLE AT THIS TIME, MAY PROVE TO BE ERRONEOUS. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS AND OTHER FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS OF OPERATIONS, FINANCIAL CONDITION, LIQUIDITY, PERFORMANCE, PROSPECTS OR OPPORTUNITIES, AS WELL AS THOSE OF THE MARKETS IT SERVES OR INTENDS TO SERVE, TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN, OR SUGGESTED BY, THESE FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE THOSE DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO: CHANGING BUSINESS OR OTHER MARKET CONDITIONS, GENERAL ECONOMIC CONDITIONS , ,IN RUSSIA, THE EUROPEAN UNION, THE UNITED STATES AND ELSEWHERE, AND THE COMPANY'S ABILITY TO RESPOND TO TRENDS IN ITS INDUSTRY. ADDITIONAL FACTORS COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY. THE COMPANY AND EACH OF ITS DIRECTORS, OFFICERS, EMPLOYEES AND ADVISORS EXPRESSLY DISCLAIM ANY OBLIGATION OR UNDERTAKING TO RELEASE ANY UPDATE OF OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION AND ANY CHANGE IN THE COMPANY’S EXPECTATIONS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH THESE FORWARD-LOOKING STATEMENTS ARE BASED, EXCEPT AS REQUIRED BY APPLICABLE LAW OR REGULATION.BY ATTENDING THIS PRESENTATION YOU AGREE TO BE BOUND BY THE FOREGOING RESTRICTIONS.
21
PhosAgro at a glance
Leading global phosphate rock producers
2010, mln t, excluding Chinese producers
#1 global producer of high-grade phosphate rock (P2O5>35.7%) with 8.1 mln t capacityWorld class
26.8
13.3
8.1 7.2 5.9 5.3 5 0 3 6
, , g p
#1 producer of high-grade phosphate rock (>35.7% P2O5)
#2 global DAP/MAP producer(1) with 3.5 mln t capacity
Leading European producer of MCP feed phosphate and the only one in Russia
integrated phosphate producer
5.3 5.0 3.6
OCP Mosaic Phosagro GCT PotashCorp JPMC Ma'aden Gecopham(1)
Leading global DAP/MAP producers (by capacity)
2.1 bln t of apatite-nepheline ore resources(2)
(over 75 years of production)
Al2O3 resource of 283 mln t
Substantial resources of gallium oxide, TiO2 and rare earth oxides (41% of Russian resources and 96% of
Control of large high quality apatite-nepheline resources
7.5
3.5 3.1 2.9 2.2 1 6
2010, mln t, excluding Chinese producers
First quartile cash cost of production globally
100% self-sufficient in phosphate rock and 94% in ammonia
Self-sufficiency in key feedstocks provides for
earth oxides (41% of Russian resources and 96% of the currently developed(3))
resources
2.2 1.6 1.3
Mosaic Phosagro OCP Ma'aden Eurochem CF Industries
PotashCorp
Established presence through traders in India, Brazil and EuropeStrong position in 2010 Sales Breakdown
(1)
94% in ammonia
Local low-cost supplies of sulphur and potash
provides for low costs
and Europe
Top-3 exporter of DAP/MAP globally
Leader in the fast-growing Russian market
Strong position in prime agricultural markets
2010 Sales Breakdown
Other1%
Nitrogen fertilisers
9%North &
Other regions
16%Russia34%
By segment By geography
Phosphate-based
products90% India
12%
North & South
America19% Europe
19%2010 Sales: $2,534 mln
EBITDA of $674 mn and $620 mn in 2010 and H1 2011, respectively
Net debt/EBITDA: < 1.0x
Strong financial performance
Note: (1) Excluding Chinese producers(2) IMC mineral expert’s report (JORC)(3) Russian Academy of Science
Source: FERTECON, IMC, PhosAgro
Note: (1) Ma’aden first stage at full capacitySource: FERTECON, companies’ data
12
The only pure play phosphates producer and b t i l fit bilitbest-in-class profitability
Gross profit breakdown by segment Phosphate segment gross profit margin
44%
12% 16%
Average gross profit margin of phosphate segment for 2008-2010Average gross profit breakdown by segment for 2008-2010
32%50%
16%
23%21%
19%88%
87%51%
67%
88%
50% 18%
33%
15% 13%
PhosAgro ICL PotashCorp CFIndustries
MosaicPhosAgro Mosaic ICL PotashCorp CF Industries
Other Potash Nitrogen Phosphates
(1) (1)
Source: Company reportsNote: (1) Calendarised
Source: Company reportsNote: (1) Calendarised
3
1. Phosphates – an attractive industryp y
Phosphorus is essential for life
Fertilisers – 85%(1)
Without phosphate fertilisers With phosphate fertilisers
1 0001,200
Effect of phosphate and nitrogen fertilisers on corn yield Effect of phosphate and nitrogen fertilisers on net farmer revenue
A
200T l t t
400600800
1,000
With P and Nt rev
enue
, $/A
80
120
160
With P and Neld,
bu/
A
+45% bu/ATranslates to
+$330/A(2)
0200
0 20 40 60 80 100 120 140 160 180 200
With P and NWith N onlyN
et
0
40
0 20 40 60 80 100 120 140 160 180 200
With N only
N rate lb/A
Yie
N rate lb/A
Source: Fertecon, International Plant Nutrition InstituteNote: (1) as percentage of total phosphorus consumption
(2) as corn price of US$ 6/bu 5
N rate, lb/A N rate, lb/A
Phosphorus is essential for life
Animal Feed – 6%(1)Technical Phosphates – 9%(1)
• Synthetic detergents
• Metal treatment
W t t t t• Water treatment
• Lithium phosphate for hybrid and electric vehicle batteries
• Personal care products
• Cheese• Processed meat
• Soft drinks
Source: FerteconNote: (1) as percentage of total phosphorus consumption 6
Potential Phosphate Rock Supply in 2010-2015
250
mln t
Non Integrated Fertiliser
Producers30% 200
250
Export14%
Integrated Fertiliser
30%
150
200
Export16%
LocalDownstreamProcessing(1)
Fertiliser Producers
70%
100
15086%
LocalDownstreamProcessing
50
84%
0
2010Current Supply
Source: IFA Fertecon PhosAgro
2015Expected SupplyNew Phosphate Rock Supply 2010-2015
Brownfield(2) Greenfield(2)
7
Source: IFA, Fertecon, PhosAgroNote: (1) Estimate(2) Assuming that declared projects will commission without delays and will operate at full capacities
Growth in US Phosphate Rock Imports
US phosphate rock imports
2,671
2,600
2,800 +42%
kt
Despite the fact that Agrifos hadstopped import of about 1 mln t ofphosphate rock per year in early2011
2,200
2,400
1,7901,856 1,883
1 600
1,800
2,000
1,363
1,200
1,400
1,600
1,0002007 2008 2009 2010 Jan-Nov 2011
Mosaic has increased phosphate rock imports as result of the decrease of its own mining at South FortMosaic has increased phosphate rock imports as result of the decrease of its own mining at South FortMeade
Agrium has entered into contract with OCP to purchase phosphate rock as their own economic rockreserves are depleted
Import drivers
8Source: USITC, PhosAgro
Current and projected US mine phosphate r d cti n ca acit production capacity
mln t
45
50
35
40
20
25
30
10
15
20
0
5
S IFDC (W ld Ph h t R k R d R 2011)
2005 2010 2015 2020 2025 2030
US excl. Florida Florida
Source: IFDC (World Phosphate Rock Reserves and Resources, 2011)
299
Stagnating production of phosphates
Global phosphate rock production is mainly driven by China … with stagnating production in the rest of the worldChina …
200 200
Mln tonnes product Mln tonnes product
Global CAGR (2000-2010): +2.1%
140
160
180
140
160
180
100
120
140
100
120
140 CAGR (2000-2010): -0.1%
60
80
100
60
80
100
20
40Chinese production
20
40
02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
10
Source: IFA, Fertecon Source: IFA, Fertecon
Development of Chinese phosphate exports
Chinese phosphate rock exports Chinese exports of DAP / MAP / NP / TSPCommissioning of new H3PO4 capacities
10,000NP/TSPDAP/MAP
pkt kt kt
7,0005,000From January 2012 theChinese government hasimposed an export tax of82% on NP/TSP during peak
(J M O t D )
8,000
DAP/MAP
5,000
6,000
4,000
seasons (Jan-May, Oct-Dec)
6,0004,0003,000
4,000
2 000
3,0002,000
2,0001,000
2,000
1,000
0
2005
2006
2007
2008
2009
2010
-Nov
010
-Nov
011
02000-2003
2004-2007
2008-2011
2012-2015
02000 2002 2004 2006 2008 2010
2 2 2 2 2 2
Jan 20
Jan 20
11Source: IFA, CFMW
2003 2007 2011 2015
Tight corn supply-demand balance
China corn imports
mln t
Corn yield per harvested acre in US US corn stocks-to-use ratios, %bu %
8 0 16
165165
1708.0
7.0
8.0
12.7
13.913.1
14
16
160
5.0
6.011.6
10
12
149
151
154153
150
155
4.0
6.26.7
8.1
6
8
147
145
1.3
2.02.0
3.0
4
6
135
140
2006 2007 2008 2009 2010 2011
1.0
0.0
1.0
2006 2007 2008 2009 2010 2011 20200
2
2006 2007 2008 2009 2010 2011 20202006/07
2007/08
2008/09
2009/10
2010/11
2011/12F
Rapid growth of corn imports in China Decreasing corn yields in US Tight corn supply-demand balance due to low stock to use ratio
- Actual - Forecast
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12F
2020/21F
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12F
2020/21F
Source: USDA 12
p g p g y due to low stock-to-use ratio
Phosphate is a consolidated industry
Global export volumes of MAP / DAP / TSP / Phosphoric acid
mln t P O
PhosAgro (Russia)59% 62% 57%
mln t P2O5
1 41.3
1.11.1
GCT (Tunisia)
3 53.2
1.1
1.41.0
PhosChem (US)1
3 7
3.1
3.5
MississippiPhosphates (US)
2.22.9
3.7
2 008 2 009 2 010
CF Industries
2008 2009 20102,008 2,009 2,010
OCP (Morocco)% Combined global share
2008 2009 2010
Source: Fertecon, IFA , Bloomberg, companies reportsNote: (1) PhosChem – Phosphate Chemical Export Association Inc. (Members: Mosaic, PCS)
13
Fertiliser prices and price ratios
%
1.80
2.00
900
1,000
MOP to DAP price ratio
DAP FOB, Tampa
1.40
1.60
700
800MOP FOB, Vancouver
Average MOP to DAP price ratio (1999-2011)
US
$/t
1.00
1.20
500
600
0.60
0.80
300
4000.75
0.20
0.40
100
200
0.0001999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
14Source: FMB, Fertecon, The Market
Fertiliser utilization rates and price ratio
90%1.8
85%
90%
1.8
72% 75%
80%
1.4
1.6
65%
70%
1.2
55%
60%
0.8
1.0
0 5
0.6
0.7 0.7
48% 45%
50%
0.6
0.8
0.5 48%
40%0.42007 2008 2009 2010 2011
MOP to DAP price ratio DAP/MAP- utilization rate MOP - utilization rate
15
MOP to DAP price ratio DAP/MAP utilization rate MOP utilization rate
Source: FMB, Fertecon, The Market
Need for a combination of feedstocks and complexity of production process act as barriers to entryproduction process act as barriers to entry
Overview of integrated phosphate-based production model based on PhosAgro’s consumption ratios
PHOSPHATE ORE MINE
BENEFICIATION PLANT
15.2 mln t(12.9% P2O5) 4.4 mln t (39.0% P2O5)
SULPHUR SULPHURIC ACID PLANT
PHOSPHORIC ACID PLANTPLANT
1.3 mln t 4.0 mln t
GAS
733 mln m3 0 7 mln t
1.7 mln t
AMMONIA PLANTEnd products
733 mln m3 0.7 mln t
boun
d is
tics
DAP / MAP / NPS2.8 mln t
POTASH
0.4 mln t NPK 1.0 mln t
Out
bLo
g
Source: PhosAgro16
Greenfield plant – costs case-study
Production facilitiesCapacity – mln t / year Ma’aden
Phosphate rock mine 12.0 27.2
Beneficiation plant 5.0 8.1
Sulphuric Acid Plant 4.7 4.1
Phosphoric Acid Plant 1.5 1.8
Ammonia Plant 1.1 1.1
DAP Plant 2.9 3.7
Key products DAP MAP, DAP, NPK, NPS
Ma’aden – total est. CAPEX(1): US$ 5.6blnConstruction period: 6 years +
17Source: PhosAgro, Ma’adenNotes: (1) CAPEX for the Phosphate Project
Ma’aden is already priced-in by the markets
New large capacity additions and change in DAP price in 1998 2000 Expected Ma’aden start and DAP price changes in 2009-2011
700
210
220
1998-2000
Period of expectation of Ma’aden launch in 4Q 2010
550
600
650
190
200
210
Oswal (India)
Ma aden launch in 4Q 2010
450
500
550
170
180
190
WMC (Australia)
Ma’aden announces
commencement of production
( )1,740 kt DAP
per year
350
400
450
150
160
170 1,000 kt DAP per year
production.
Contracted and/or offered for sale
volumes exceed 0.5 mln t of DAP
250
300
350
130
140
150 0.5 mln t of DAP
250Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11
130Jan-98 Jun-98 Nov-98 Apr-99 Sep-99 Feb-00
Commencement of production at new DAP capacities
Source: Fertecon, Bloomberg Source: Fertecon, Bloomberg
18
Timing and completion of new capacities is uncertain
mln t of P O
OCP seeks to extract the maximum value from its phosphate ore reserve. Management has recently indicated that
Incremental demand in 2011-20156 7 l t f
mln t of P2O5 Management has recently indicated that they will match production to market demand
3.2
2.8
6 6
2.847.0
6.7 mln t of P2O5 1.0 1.8
1.6 6.6
Ma’adenFive year delayUS$ 5.6 bln capex Average phosphate rock P2O5 content of 33%
OCP – Track record of completion
JV OCP/Fauji (Pakistan)Announcement: 2004Initial expected launch date: End 2006
45.3of 33% Initial expected launch date: End 2006
Actual launch date: 2008
JV OCP/Bunge (Brazil):Announcement: 2005 Initial expected launch date: End 2007 / B i i 2008
38.6 38.6 37.6
Beginning 2008Actual launch date: August 2011
Projects likely to be completed by 2015
(1)Total consumption2010
Total production2010
Expected closures2011
Ma'aden2011-2014
OCP2011-2014
Other projects likely to be completed
Low / moderate likelihood projects
Total expected production
2015
Total expected consumption
2015
Note: (1) Projects with low / moderate likelihood of completion by 2015Source: FERTECON, closures and new projects at 100% nameplate capacity, Fertiliser Week, IFA, companies’ data
19
Strong demand fundamentals for fertilisers
Meat consumption is driving demand for phosphate-based fertilisers and feed phosphates
Growing GDP per capita in Emerging Markets‘000 US$
Animal feed a key driver for grain consumptionkg of grain required to produce 1 kg meat
2.2
3.9
5.87x
4x
1.4
2000 2005 2010 2015
2x
Beef Pork Poultry
Changing diets – growth in meat consumption Meat Consumption by Region kg meat/capita/yearmln t
97.480.1
107 108 113 119
147 171 194 212 57.3
35.424.0
15.34.4
2005 2010 2015 2019Developed Countries Emerging Market Countries
North America EU Russia World Asia Central America Africa
20Source: United Nations, IMF, USDA, FAO
Significant room for further growth of use of phosphate f tili
Stagnating yields force farmers to increase planted area to
fertilisers
Insufficient application of phosphate fertilisers creates
22P2O5 estimated crop removalP2O5 application
3.5700
increase production
Wheat
significant room for growth
WheatCornSoybean
10 year CAGR: 1.1%
20
21P2O5 application
1.52.02.53.0
550
600
650SoybeanRice
ApplicationDeficit
18
19
0.00.51.0
400
450
500
2000/01 2002/03 2004/05 2006/07 2008/09 2010/11
mln
t
16
17Production, mln t (lhs) Yield, t/ha (rhs)Corn
6.090010 year CAGR: 3.3%
152000/01 2002/03 2004/05 2006/07 2008/09 2010/11
2 0
3.0
4.0
5.0
600
700
800
Nutrient removal rate
0.0
1.0
2.0
400
500
2000/01 2002/03 2004/05 2006/07 2008/09 2010/11
kg P2O5/t of crop
Wheat Corn Rice Soybean
11 3 6 7 6 4 17 6
21Source: USDA, IFA, IPNI, PhosAgro
Production, mln t (lhs) Yield, t/ha (rhs) 11.3 6.7 6.4 17.6
Stock-to-use ratios for the key phosphate-using crops are at l l l d i i ilow levels driving crop prices
Phosphate fertilizer use by crop World grain stocks-to-use ratios, %
20 year 20
25%
30%20 year average
20 year average
20 year average
20 year average
Wheat16%
10%
15%
20%
Corn13%
Other47% 20
07/0
8
2007
/08
2007
/08
2007
/08
2009
/10
2009
/10
2009
/10
2009
/10
2011
/12
2011
/12
2011
/12
2011
/12
0%
5%
10%
Rice12%
Wheat Corn Rice Soybean
Crop prices
60012%
Soybean7%
Other Grains
5% $ pe
r ton
ne
200300400500
US$
0100200
Wheat Corn Soybean RiceA 2000 2010 J 2011 J 2012
Source: IFA Source: USDA, FAO
22
Average 2000-2010 January 2011 January 2012
High grain prices driven by market imbalanceti t f t f tilimotivate farmers to use more fertilisers
Corn prices relative to DAP Prices Corn to DAP prices ratio
3.0R² = 0.78
1,400HIGH DAP PRICES
10 year correlation
1,000
1,200
2.5
800
1,000
pa, U
S$/
t
2.0
600
AP F
OB
Tam
January 2012
200
400DA
January 2012 average price:DAP FOB Tampa: US$ 535/tCorn FOB US Gulf: US$ 278/t
1.5Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12
DAP/C DAP/C A (2000 2011)
050 100 150 200 250 300
C FOB US G lf US$/
HIGH CORN PRICES
Corn FOB US Gulf: US$ 278/t
DAP/Corn DAP/Corn Average (2000-2011)
Source: Fertecon, USDA, FAO23
Corn FOB US Gulf, US$/t
2 Company Highlights2. Company Highlights
World class integrated phosphate producer
A leading global phosphate rock producer with over 2.1 bln t of apatite-nepheline ore resources (over 75 years of production)
26.8
#1 producer of high-grade phosphate rock (>35.7% P2O5)
13.3
8.1 7.2 5.9 5.3 5.05.03.6
OCP Mosaic Phosagro GCT PotashCorp JPMC Ma'aden Gecopham(1)
7.5#2 global DAP/MAP producer(2) with 3.5 mln t capacity
3.53.1 2.9
2.21.6 1.3
M i Ph OCP M ' d E h CF I d t i P t hC(1)Mosaic Phosagro OCP Ma'aden Eurochem CF Industries PotashCorp
Source: Fertecon, companies’ dataNote: (1) Ma’aden first stage at full capacity
(2) In 2010, excluding Chinese producers25
(1)
Control of world’s premium phosphate resource base
Location(1)
Morocco USA Jordan China Tunisia
Al2O3 content 13.0-14.0%High Very low Very low Very low Very low Low to
moderate
Ore type Igneous Sedimentary Sedimentary Sedimentary Sedimentary Sedimentary
Level of radioactivity Very low Moderate Moderate to
highLow to
moderateLow to
moderate Moderate
Hazardous metals content Very low Moderate Moderate to
high Low Low to moderate
Low to moderate
W ld Ph hWorld Phosphate Rock Reserves, billion t
2.1 50 1.4 1.5 3.7 0.1
Note: (1) primary global DAP/MAP producing regionsSource: Fertecon, IMC, USGS 2011
926
Control of world’s premium phosphate resource base
100
GCT
OCP
Phosphate rock with MER > 0.10 significantly increases costs for
Mosaic32%29%
28.5%
Higher cadmium content in sedimentary rocks
10
nt in
ppm
PCSCF Industries
increases costs for production of DAP
29%29.5%
rocks
miu
m c
onte
n Agrium 33%
1
vera
ge C
adm
0
Av
Eurochem
39–40% 37–38%
Average Minor Element Ratio (MER)
0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14
Note: Size of the bubble represents P2O5 content in phosphate rock in excess of 28%, which is recognized as a minimum for production of high quality phosphate fertilizersSource: Fertecon, PhosAgro, companies’ data
927
Self-sufficiency in key feedstocks
PhosAgro DAP production cash costs Phosphate rock: 100% self-sufficient1PhosAgro DAP production cash costs
Other17%
Phosphate rock: 100% self-sufficient1
2010, kt2010, ExW, US$
Phosphate rock51%
Sulphur13% 8,101
4,390
3,712 2,522
1
3
Ammonia19%
1,190
Total phosphate rock sales
Internal sales
External sales
Domestic Export2
Sulphur: access to local suppliesAmmonia: 94% self-sufficient2 3
2010, kt Sulphur suppliers in 2010Oth
1,043 1,107
Gazprom Sulphur42%TengizChevroil
16%
Other18%
Production ConsumptionKazRosGas
24%
16%
Source: PhosAgro
28
Significant cost advantage for integrated producers
Estimated DAP production cash costs
FOB, US$ per tonne DAP
800
600
700
800
500
600
300
400
100
200
0India (non integrated) USA (non integrated) USA (integrated) PhosAgro (integrated)
Source: companies’ data, Fertecon, PhosAgro
29
Flexible business model
Flexible business modelFlexible business model
FLEXIBLE PRODUCTION LOGISTICSNETBACK-DRIVEN
SALESEXPORT SALES NOT TIED TO OVERSEASFLEXIBLE PRODUCTION
CAPABILITIESLOGISTICS
ALTERNATIVESSALES
PRIORITISATIONSYSTEM
TIED TO OVERSEAS DISTRIBUTION
NETWORK
Phosphate-based fertilisers and feed phosphate exports by regionIn volume terms
AsiaAsia
37%55%
38%32%
SouthAmericaEuropeAfrica
SouthAmerica
EuropeAfrica
34%10%
20%
15%17% 21%
33%
17%
North AmericaCIS(1)
North America
AfricaCIS(1)
15%%
9% 13% 8%
6% 4%7%
2% 6%
2008 2009 2010
5%6%7%
2011
Source: PhosAgroNote: (1) Excluding Russia
30
3. Financial Overview
Revenue, EBITDA and Net Income
Revenue (H1 2010/2011) EBITDA (H1 2010/2011) Net Income (H1 2010/2011)
Growth: 42%
253 12 60
1,200
1,704
24%
36%25%
911 1,378
228 10 51 ,
US$
mn
286
620
US$
mn
160
42913%
US$
mn
1H2010 1H2011Chemical fertilisers Apatite concentrateNepheline concentrate Other
1H2010 1H2011EBITDA Margin
1H2010 1H2011Net Income Margin
Revenue (FY 2008-2010) EBITDA (FY 2008-2010) Net Income (FY 2008-2010)
Nepheline concentrate Other
1,907 35%199
3,709
51%
22%27%
$mn
1,310
14% 16%
S$m
n
574
457
29
12
20
199
98
108 1,916
2,533
mn
415 674
22%
US$
274395
14%
US2,907
1,430 1,948
376 12
US$
m
Note: Applied average USD/RUB exchange rates: 24.86 (2008), 31.72 (2009), 30.37 (2010), 30.07 (1H2010), 28.62 (1H2011)
32
2008 2009 2010EBITDA Margin
2008 2009 2010Net Income Margin
2008 2009 2010Chemical fertilisers Apatite concentrateNepheline concentrate Other
Cost of Goods Sold
Cost of Goods Sold and Sales Volumes DAP Production Cash Cost Breakdown
$1 552 $1 222 $1 592 $795 $971
ExW, US$, 2010
Other17%
Sales (kt) 2008 2009 2010 1H2010 1H2011Fertilisers(1) 3,103 3,635 3,842 1,920 1,992Rock 3,517 2,807 3,712 1,933 1,558
5%% % %
8% 9% 9% 10% 10%
8% 10% 10% 10% 10%
$1,552mn $1,222mn $1,592mn $795mn $971mn
80%
100% Phosphate rock51%
Sulphur13%
21% 18% 19%9%
7% 8% 8% 8%
14% 7% 5% 5% 7%
5%6% 7% 6% 6%
60%
80%
f to
tal)
Ammonia19%
19%21% 18% 19% 20%
40%
CoG
S (%
of
36% 40%43%
43% 40%
0%
20%
2008 2009 2010 1H2010 1H2011Materials and services Salaries and social contributionsFuel Sulphur and sulphuric acidElectricity GasDepreciation and amortisation Other itemsDepreciation and amortisation Other items
Source: PhosAgroNote: Excluding change in stock of WIP and finished goods. Applied average USD/RUB exchange rates:
24.86 (2008), 31.72 (2009), 30.37 (2010), 30.07 (1H2010), 28.62 (1H2011)(1) Phosphate-based fertilizers and feed phosphate MCP
33
Capex and Dividend Policy
Capex
564600
700
448
349384400
500
mn
293
349
200
300US
$m
100
200
02008 2009 2010 2011E 2012E
PhosAgro expects to pay between 20% and 40% of consolidated profit for the year calculated inaccordance with IFRS as dividends The preliminary dividend of RUB 250 per share (US$ 0 26 peraccordance with IFRS as dividends. The preliminary dividend of RUB 250 per share (US$ 0.26 perGDR) has been paid in January 2012 upon the decision of the Extraordinary Shareholders Meeting heldon December 1, 2011.
For 2011 PhosAgro intends to pay out no less than 30% of the consolidated net income generated in
Dividend Policy
Source: PhosAgroNote: Applied average USD/RUB exchange rates: 24.86 (2008), 31.72 (2009), 30.37 (2010), 29.3875 (2011). USD/RUB exchange rate at the dividend payout start date (January 16, 2012): 31.9344
the last 3 quarters of the year (from April 1 to December 31)
34
Overview of Debt
Total Debt / EBITDA and Net Debt (1) / EBITDA Net Debt
Actual Net Debt as of 30 June 2011 (USD in millions)
0 1x0.3x
0.4x
0.8x
0.6x 0.5x
1.0x
Total Debt, incl.: 953
Short-term debt 408
0.1x
(0.2x) (0.1x)
0.2x
(0.5x)
0.0x
Types of debt instruments (3)
(2)Short term debt 408
Long-term debt 545
( )2008 2009 2010 1H2011
Total Debt / EBITDA Net Debt / EBITDA
Types of debt instruments (3)
Cash and cash equivalents (248)
Net Debt 705EUR
RUB denominated
8%
Secured letters of
credit12% Secured
bank loans Net Debt 705
USD denominated
81%
EUR denominated
11%
6%
Secured f inance leases
4%Unsecured
loans
Source: PhosAgroNote: Applied end-of-period USD/RUB exchange rate of 28 08 (1H2011)
loans78%
Note: Applied end of period USD/RUB exchange rate of 28.08 (1H2011)(1) Net debt is calculated as total loans and borrowings minus cash and cash equivalents (2) Based on annualized EBITDA(3) As of June 30, 2011. Includes secured bank loans, unsecured bank loans and letters of credit. Total loans and borrowings US$953mn
35
4 Future potential4. Future potential
Short and medium term strategy for future growth
Strategic objectives Key initiatives
Improve efficiency
Construction of shaft No. 2 at Kirovsky Underground Mine which will increase the production of apatite-nepheline ore from 12 to 14 mln t from the year 2014Construction of a new 32 MW gas-powered electricity generation facility in
1
Expand fertiliser production
Construction of a new 32 MW gas-powered electricity generation facility in Cherepovetsky Azot
erm Increase urea production capacity by 500 kt at Cherepovetzky Azot - May 2012
Enter the technical phosphates and SOP (s lphate of potash) markets thro gh thep pcapacity and enter higher value segments
2
Shor
t te Enter the technical phosphates and SOP (sulphate of potash) markets through the
integration of Metachem products (recently acquired 24% stake in the company)Commence production of purified phosphoric acid at Metachem
Mineral Application Development Stage
Production Today Future
Apatit
• Rare Earth Oxides • Autocatalysts, fuel cellsy• High strength magnets, ceramics• Fiber optics, lasers
- 7k t
Nepheline
• Aluminium Oxide • Alumina, Cement, Catalysts 1.0 mln t 6.0 mln t
Realize full potential of ore3
erm
• Potassium carbonate• Soda Ash• Potassium Sulfate
• Glass production, agriculture, household chemicals 0.25 mln t 1.50 mln t
• Gallium Oxide • Electronic engineering, lasers, lubricants
Med
ium
te
37
Long term strategy for volume growth of fertilisers
Today Future Potential Strategic initiativesFuture Phosphate rock The future development of Shtokman field would allow PhosAgro to build new
fertiliser capacity near its mines and simplify its export logisticsPhosphate rock, mln t
External sales 46%
Internal consumption
Kola Peninsula54%
100%
APATIT`Total: 8.1 mln t
End Products(DAP / MAP / NPK / NPS / APP/ MCP)
Source: Gazprom PhosAgro
3.9
7.2
Source: Gazprom, PhosAgro
1538
Production 2010, mln t Future Production, mln t
Thank You
Appendix
High quality production assets
Kirovsk
Murmansk Cherepovets production complex - largest in Europe
AmmophosApatit Kirovsk
Baltic ports St. Petersburg
Ammophos
Capacity by productMAP/DAP/NPK/NPS: 2.6 mln tAPP: 140 ktAIF3: 24 kt
ApatitResources(1)
Apatite-nepheline ore: 2,085 mln tAl2O3: 283 mln tREO(2): 7.5 mln tCapacity by product
MoscowCherepovets
Highlights
Largest standalone phosphate fertilisers producer in Europe
Capacity by productPhosphate rock: 8.1 mln tNepheline: 1.7 mln tHighlights
Largest standalone global producer of high grade phosphate rock(3)
Standard grade – P O content of 39%
Balakovo
Novorossiysk
Largest standalone producer of sulphuric and phosphoric acids in Europe
Standard grade – P2O5 content of 39%Superior grade – P2O5 content of 40%
Lowest hazardous element content among the major phosphate rock producing regions; benefits from low levels of radioactivity
y
Cherepovetsky Azot / Agro-CherepovetsCapacity by productAmmonia: 1.1 mln t
Capacity by productMAP/DAP/NPS: 1 1 mln t
Balakovo Mineral Fertilisers (BMU)
Top 15 regions of NPK and MAP consumption
Distribution hubsExport ports
AN/AN-based: 450 ktUrea: 480 kt
Highlights
MAP/DAP/NPS: 1.1 mln tFeed phosphate (MCP): 240 kt
PhosAgro-Region(Domestic distribution)
FosAgro-Trans(Transportation)
One of the largest standalone producers of urea, ammonia, AN/AN-based fertilisers in Russia
Connected to Ammophos via ammonia pipeline which fully covers its needs in ammonia
Highlights
Leading European producer of feed phosphate MCP
The only Russian producer of MCP
(Domestic distribution)
Owns and operates seven distribution centres in Russia located in proximity to major agricultural regions of Russia
(Transportation)
Operates:− Owned ca. 2, 200 railcars
and ca. 930 cisterns− Leased ca. 2,700
additional railcarsammonia
Note: (1) Measured and indicated, IMC mineral expert’s report (JORC)(2) Rare earth oxides (3) Defined as phosphate rock with P2O5 content over 35.7%Source: PhosAgro (capacity as of 2010), FERTECON, IMC, European Commission2
41
Management with strong track record of organic growth and ffi i iefficiency improvement
Technical modernisation at Ammophos Divestment of Voskresensk Mineral Fertilisers
760388
Phosphoric acid production capacitykt of P2O5
VMF
1,832 1,860+30% +20%
Sulphuric acid Phosphoric acidmln t of P2O5mln t
+119%
NPKmln t
2.71 0
0.9
974 1,100
470
RATIONALE
Efficiency improvement
RATIONALE
Replacement of high cost old capacity with
BMU
Ammophos
(1)
2.1 0.8
1.0
0.4
2006 2010
Growth of production volume
low cost new capacity
Source: PhosAgro Source: PhosAgro
Note: (1) Production capacity as at 1Q20112001 2010 2001 2010 2001 2010
246
Launch of feed phosphate (MCP) production at BMUTechnical modernisation at BMU
Product structure MCP production volumektkt
81 81107
181
RATIONALE RATIONALE
CAGR: +56%
MCP
DAP
+79%
538
246
716
1,283
7
3762 68
81 81
2002 2003 2004 2005 2006 2007 2008 2009 2010
Efficiency improvement
Product range expansion
Launch of new value added productNPS
MAP441
58
2001 2010
Source: PhosAgro Source: PhosAgro
1442
EBITDA development
EBITDAMargin 51% 22% 27%
EBITDA Calculation
p
24% 36%Margin 51% 22% 27% 24% 36%
1,907 2,000
(RUB in millions) 2008 2009 2010 1H2010 1H2011Operating Profit 42,173 11,077 14,687 6,152 14,878
D&A and impairment 3,231 4,100 5,777 2,450 2,874
Litigation provision 1 992 (1 992) - - -
1,500
Litigation provision 1,992 (1,992)
EBITDA 47,396 13,185 20,464 8,602 17,752
(USD in millions) 2008 2009 2010 1H2010 1H2011
n
Operating Profit 1,697 349 484 205 520
D&A and impairment 130 129 190 81 100
Litigation provision 80 (63) - - -
674 620
1,000
US$
mn
EBITDA 1,907 415 674 286 620
EBITDA is defined as Operation Profit plus Depreciation and amortisationand impairment
− In 2008 PhosAgro was involved in litigation with one of its customers with respect to the sale of apatite concentrate and recognized a provision of RUB1,992mn. The Higher Arbitration Court of the Russian Federation
415
286
500
RUB1,992mn. The Higher Arbitration Court of the Russian Federation supported PhosAgro's appeal of earlier rulings and concluding that the matter should be re-examined in the court of the first instance
− Following the management's re-assessment of the claim the provision of RUB1,992mn was released in 2009
− In 2010 the claimant withdrew its claim against the Group. The EBITDA0
2008 2009 2010 1H2010 1H2011
Source: PhosAgroNote: Applied average USD/RUB exchange rates: 24.86 (2008), 31.72 (2009), 30.37 (2010), 30.07 (1H2010), 28.62 (1H2011)
In 2010 the claimant withdrew its claim against the Group. The EBITDA calculation above reflects an accrual and reversal of these provisions
43
2008 2009 2010 1H2010 1H2011
Revenue per tonne and volume developments for key productsp p y p
DAP Phosphate-based fertilisers volumesMAP
Peak 2008 FOB Baltic price: US$1,190/t (1)
1,000
1,200
392
585
465423
5606003,103
3,6353,842
3,000
3,500
4,000
s
438 400
604
391 349
553
200
400
600
800
US
$ pe
r ton
ne
392360
200
400
US
$ pe
r ton
ne
1,920 1,992
500
1,000
1,500
2,000
2,500
ths
of to
nnes
Phosphate Rock NPK Phosphate Rock volumes (3rd party sales)
0
200
2010 1H2010 1H2011
Domestic Export
02010 1H2010 1H2011
Domestic Export
0
500
2008 2009 2010 1H2010 1H2011
p p ( p y )
280300529600
3,5173,7124,000
118 105126
160143
100
200
US
$ pe
r ton
ne 341 347351 330
450
200
400
S$
per t
onne
,
2,807
1,9331,558
1,500
2,000
2,500
3,000
3,500
s of
tonn
es
02010 1H2010 1H2011
U
Domestic Export
02010 1H2010 1H2011
U
Domestic Export
0
500
1,000
2008 2009 2010 1H2010 1H2011
ths
Note: Applied average USD/RUB exchange rates: 30.37 (2010), 30.07 (1H2010), 29.62 (1H2011)(1) Source: Fertecon 44
Consolidated income statement
(USD in millions) 2008 2009 2010 1H2010 1H2011
Revenues 3,709 1,916 2,533 1,200 1,704
Cost of Sales (1,472) (1,258) (1,570) (783) (941)
Gross Profit 2,237 658 963 417 763
Selling, General & Administration (435) (295) (387) (181) (206)
Other Income (Expense) (104) (14) (92) (31) (37)
Operating Profit 1,698 349 484 205 520
Financial Income (Costs) 47 27 31 7 18
Profit Before Taxation 1,745 376 515 212 538
Income Tax Expense (435) (102) (120) (52) (109)
Profit for the Period 1,310 274 395 160 429
Margin 35% 14% 16% 13% 25%
EBITDA CalculationEBITDA Calculation
Operating Profit 1,698 349 484 205 520
D&A and impairment 130 129 190 81 100
Litigation provision 80 (63) 0 0 0
Source: PhosAgro (IFRS)
Litigation provision 80 (63) 0 0 0
EBITDA 1,907 415 674 286 620
Margin 51% 22% 27% 24% 36%
Source: PhosAgro (IFRS)Note: Applied average USD/RUB exchange rates: 24.8553 (2008), 31.7231 (2009), 30.3692 (2010), 30.0676 (1H2010), 28.6242 (1H2011)
2545
Consolidated balance sheet
(USD in millions) 2008 2009 2010 1H2011(USD in millions) 2008 2009 2010 1H2011Cash and Equivalents 488 186 173 248Accounts Receivable 375 442 522 426Inventory 299 226 253 351Other Current Assets 271 30 108 47Other Current Assets 271 30 108 47
Total Current Assets 1,433 884 1,056 1,072Net Property, Plant & Equipment 1,281 1,407 1,525 1,750Intangible Assets 20 24 25 26Investments in Associates 0 0 307 278Investments in Associates 0 0 307 278Other Long-Term Assets 178 363 235 183
Total Non-Current Assets 1,479 1,794 2,092 2,237Total Assets 2,912 2,678 3,148 3,309
Accounts Payable 485 219 329 248yLoans and borrowings 132 71 181 408
Total Current Liabilities 617 290 510 656Loans and borrowings 71 67 112 545Defined benefit obligations 23 21 31 35Deferred tax liabilities 60 85 89 101
Total Non-Current Liabilities 154 173 232 681Total Liabilities 771 463 742 1,337
Equity attributable to Parent 1,639 1,717 1,911 1,403E it tt ib t bl t t lli 502 498 495 569
Source: PhosAgro (IFRS)
Equity attributable to non-controlling 502 498 495 569Total Liabilities & Equity 2,912 2,678 3,148 3,309
Source: PhosAgro (IFRS)Note: Applied end of period USD/RUB exchange rates: 29.3804 (2008), 30.2442 (2009), 30.4769 (2010), 28.0758 (1H2011)
2646
Consolidated cash flow statement
(USD in millions) 2008 2009 2010 1H2010 1H2011Profit before taxation 1 745 376 515 212 539Profit before taxation 1,745 376 515 212 539Depreciation,amortisation and impairment 130 129 190 81 100Interest Expense 37 27 14 6 9Interest Income (59) (34) (23) (14) (11)Other 8 (4) (18) 3 (9)
Funds From Operations before WC changes 1 861 494 678 288 628Funds From Operations before WC changes 1,861 494 678 288 628(Inc.) Dec. in Trade and other Receivables (126) 39 (64) (40) 204(Inc.) Dec. in Inventory (129) 61 (29) (24) (75)Inc. (Dec.) in Trade and other Payables 391 (247) 20 (34) (8)
(Inc.) Dec. in Net Working Capital 136 (147) (73) (98) 121FFO b f i t d i t t 1 997 347 605 190 749FFO before income taxes and interest 1,997 347 605 190 749
Income tax paid (507) (51) (97) (45) (116)Interest paid (29) (22) (10) (3) (6)
Cash Flow From Operations 1,461 274 498 142 627Loans repaid/(issued) (242) 160 (144) 15 72Acquisition of property, plant and equipment (448) (385) (429) (198) (191)Acquisition of investments (27) (184) (52) (7) (33)Other 148 114 67 11 103
Cash Flow From Investing Activities (569) (295) (558) (178) (49)Proceeds from borrowings 1,084 486 697 351 909g ,Repayment of borrowings (1,133) (538) (530) (180) (295)Dividends paid (44) (45) (110) (0) (1,120)Other (311) (160) (9) (1) (13)
Cash Flow From Financing Activities (404) (257) 48 170 (519)Change in Cash and Equivalents 488 (278) (12) 134 59
Source: PhosAgro (IFRS)
Change in Cash and Equivalents 488 (278) (12) 134 59Beginning Cash and Equivalents 89 488 186 187 184Effect of change in exchange rate (89) (24) (1) 0 0
Ending Cash and Equivalents 488 186 173 321 243
g ( )Note: Applied average USD/RUB exchange rates: 24.8553 (2008), 31.7231 (2009), 30.3692 (2010), 30.0676 (1H2010), 28.6242 (1H2011)
2747
Commitment to high corporate governance standards
Audit Committee Board of Directors Chief Executive Officer
Maxim Volkov
Sven Ombudstvedt (Chairman)
INDEPENDENT NON-EXECUTIVE DIRECTORS
Marcus Rhodes (Chairman)Sven Ombudstvedt
Ivan Rodionov Sven Ombudstvedt (Chairman)
Remuneration and Human Resources Committee
Marcus Rhodes
Ivan Rodionov
Ivan Rodionov
Ivan Rodionov (Chairman)
Igor Antoshin (Deputy Chairman)Strategy Committee
NON-EXECUTIVE DIRECTORS
Sven OmbudstvedtIgor Antoshin
Igor Antoshin (Deputy Chairman)gy
Vladimir LitvinenkoVladimir Litvinenko (Chairman)
Igor AntoshinMaxim Volkov
Maxim Volkov
EXECUTIVE DIRECTORSEnvironmental, Health and
Safety Committee
Maxim Volkov
Sven Ombudstvedt
Vasily LoginovIgor Antoshin (Chairman)
Maxim Volkov
Vladimir Litvinenko
Source: PhosAgro
Vasily Loginov
48
PhosAgro – vertically integrated production model
Feedstock Processing Product Production unit
Apatite-nepheline ore
Beneficiation plants Phosphate rockPhosphate rock
“Standard Grade”, “S G d ”
Nepheline concentrate
Apatit
Nepheline concentrate
“Super Grade”
UreaUrea lines Cherepovetsky Azot
AN, AN based fertilisers
Ammonia lines
AN&AN based fertilisers lines
Purchased natural gasAgro-Cherepovets
Ammonia
Phosphoric acid lines
Sulphuric acid
APPLiquid fertiliser lines (APP)Phosphoric acid P2O5
Fluorine
Purchased sulphuric acid
Purchased sulphurSulphuric acid lines MAP, DAP, NPK, NPSSolid fertiliser lines
Purchased ammonia
Ammophos
BMU
Feed phosphate lines MCPPurchased aluminiumhydrate
AlF3AlF3 linePurchased potash
Ammonia and nitrogen based fertilisers division Phosphate-based fertilisers and feed phosphate divisionPhosphate rock divisionPurchased
3149